TRADE SHIFTS INDEX 2021
RESOURCES
FAQS 2021

Minerals and Metals

Changes in 2021 from 2020:

  • U.S. total exports: Increased by $41.4 billion (32.2 percent) to $169.7 billion
    • U.S. domestic exports: Increased by $29.2 billion (28.9 percent) to $130.2 billion
    • U.S. re-exports: Increased by $12.2 billion (44.6 percent) to $39.5 billion
  • U.S. general imports: Increased by $57.6 billion (28.3 percent) to $261.5 billion

The value of U.S. domestic exports of minerals and metals increased by $29.2 billion (28.9 percent) to $130.2 billion in 2021.[1] The largest increases in U.S. exports of minerals and metals occurred among precious metals and non-numismatic coins, steel mill products, copper and related articles, and iron and steel waste and scrap.[2] The export increases were largely driven by rising metals prices. Metals prices rose because of recovering global demand following the initial COVID-19 pandemic-related slowdown. Increases in export volumes were also a significant factor, particularly for the increase in the value of nonmonetary gold bullion and doré exports, which was almost entirely driven by an increase in export volumes.[3] The largest increases in U.S. exports of minerals and metals were to Canada (up $6.4 billion or 28.0 percent), Mexico (up $6.0 billion or 38.7 percent), and the United Kingdom (up $4.2 billion or 72.4 percent). Collectively, these three countries represent 56.9 percent of the overall $29.2 billion increase in exports.

The value of U.S. general imports of minerals and metals increased by $57.6 billion (28.3 percent) to $261.5 billion from 2020 to 2021.[4] Significant increases in minerals and metals imports occurred among steel mill products, natural and synthetic gemstones, copper and related articles, and unwrought aluminum. As with exports, much of the increase in U.S. minerals and metals imports can be accounted for by significant price increases as global demand rose in 2021 following a drop in demand in 2020 related to the initial COVID-19 pandemic-related slowdown. The largest increase in U.S. imports of minerals and metals was from Canada, from which U.S. imports rose by $12.6 billion (41.5 percent) to $42.8 billion. Canada was also the leading source for U.S. imports of minerals and metals. Imports also increased from other leading sources, such as China (up $1.6 billion or 27.2 percent), Mexico (up $6.8 billion or 32.9 percent), and India (up $7.5 billion or 76.1 percent). Collectively, these four countries represent 59.9 percent of the overall $5.9 billion increase in U.S. imports.

U.S. Domestic Exports

Precious metals and non-numismatic coins accounted for the largest increase among U.S. exports of minerals and metals, rising by $10.1 billion (31.8 percent) to $41.7 billion in 2021.[5] Most of this increase was accounted for by exports of nonmonetary gold bullion and doré,[6] which rose by $5.3 billion (32.0 percent) to $22.0 billion.[7] In addition, exports of precious-metal ash, waste, and scrap[8] rose by $3.2 billion (40.4 percent) to $11.0 billion and exports of platinum-group metals (PGMs) in unwrought and semi-manufactured forms[9] rose by $1.1 billion (24.8 percent) to $5.3 billion.[10] The increase in the total value of nonmonetary gold bullion and doré exports was driven more by a 30.1 percent increase in export volumes than by the slight increase (1.7 percent) of the average annual price of gold in 2021.[11] The increase in the volume of these gold exports in 2021 followed a significant increase in U.S. imports in 2020, when the import volume of nonmonetary gold bullion and doré increased by 173.4 percent as investors sought safe-haven financial assets (particularly as gold bars and coins) due to the economic uncertainties arising during the initial stages of the COVID-19 pandemic.[12] The increase in export values for precious metals ash, waste, and scrap, and PGMs in unwrought and semi-manufactured forms was entirely driven by price increases, even as the export volumes for ash, waste, and scrap decreased by 8.4 percent and export volumes for PGMs in unwrought and semi-manufactured forms decreased by 4.5 percent.[13] The prices for precious metals ash, waste, scrap, and PGMs in unwrought and semi-manufactured forms increased as global PGM supply was unable to keep up with global demand in uses such as catalytic converter production.[14] Lagging supply was due to relatively low global mine production and reduced secondary recovery of these metals in part because used vehicles commanded higher resale prices in 2021, thereby limiting the recycling of older vehicles.[15]

Exports of steel mill products—e.g., hot rolled steel coil and plate, reinforcing bar (rebar) and wire rod—increased by $3.6 billion (44.0 percent) to $11.7 billion in 2021.[16] The rise in the value of domestic exports of steel mill products was driven by significant increases in 2021 prices, brought on by rising global demand that outpaced supply growth. After a sharp decline in demand for steel at the onset of the COVID-19 pandemic in 2020, demand increased in 2021, and steel prices began to rise, reaching record levels in 2021.[17] This rise in benchmark steel prices occurred as global steel demand grew by 2.7 percent in 2021, due in part to increases in demand from downstream sectors such as auto manufacturing and construction.[18] According to data from the International Organization of Automobile Manufacturers, global motor vehicle production rose by 10.0 percent in the first three quarters of 2021, and 3.0 percent for full-year 2021.[19] Additionally, in 2021, the activity of the global construction sector grew due to low interest rates and infrastructure plans, which were initiated in part to help speed economic recovery following the COVID-19 pandemic-related slowdown in 2020.[20] While global steel demand rose in 2021 compared that of 2020, global crude steel production lagged behind, increasing by only 3.6 percent to 1.9 billion metric tons.[21]

Exports of copper and related articles increased by $3.1 billion (57.7 percent) to $8.5 billion in 2021.[22] Within this category, exports of copper waste and scrap[23] accounted for the largest rise in exports, increasing by $1.8 billion (68.1 percent) to $4.5 billion.[24] The increase in the total value of these exports was mostly driven by increases in export unit values, which coincided with higher global prices for copper products in 2021.[25] In 2021, copper prices rose as demand increased due to continued economic recovery from the COVID-19 pandemic-related downturn in 2020 and expectations for increased copper usage in green technologies.[26] The increase in U.S. copper waste and scrap exports also coincided with a loosening of restrictions on imports into China, the leading destination for exports of copper waste and scrap from the United States.[27] As part of an effort to reduce pollution from the processing of certain waste materials, in 2018, China began implementing restrictions on imports of copper waste and scrap from all sources, which limited U.S. exports to China in 2018, 2019, and 2020.[28] However, in November 2020, China reclassified certain types of copper waste and scrap as “renewable materials,” which were eligible to be imported. In addition, some processors in China increased purchases of copper waste and scrap in response to high prices for refined copper in 2021.[29]

Exports of iron and steel waste and scrap increased by $2.8 billion (58.1 percent) to $7.6 billion in 2021.[30] As a primary input for steel production, the value of iron and steel waste and scrap exports rose as global steel demand and prices increased.[31] Average unit values for shredded steel scrap,[32] the item with the highest total export value within the iron and steel waste and scrap digest, rose 68.0 percent in 2021 relative to 2020.[33] Mexico was the leading destination in terms of growth in U.S. exports of iron and steel waste and scrap in 2021, with these exports to Mexico increasing by $550 million (104.2 percent) to $1.1 billion.[34] U.S. exports of iron and steel scrap to Mexico increased as Mexican crude steel production rose by 9.5 percent in 2021 due to growing demand for steel products in Mexico and the United States (Mexico’s leading export market for steel products) as the economies of both countries improved following the COVID-19 pandemic-related economic slowdown in 2020.[35]

U.S. General Imports

The value of imports of steel mill products increased by $16.6 billion (99.1 percent) to $33.3 billion in 2021, while the volume rose by 9.3 million metric tons (47.3 percent) to 29.0 million metric tons.[36] The rise in imports was driven by the same factors of rising demand (and prices) and lagging supply discussed in the exports section.[37] The increase in imports coincided with growing U.S. downstream steel demand from industries such as oil and gas, automotive, and construction. While still trailing pre-pandemic levels, the number of U.S. domestic active oil and gas rotary (drilling) rigs (a leading indicator of activity in the energy sector) increased by 8.9 percent in 2021 compared with 2020.[38] Likewise, U.S. motor vehicle production rose by 4.0 percent in 2021 from 2020.[39] Demand in the construction sector rose as well, with the value of U.S. construction spending increasing by 8.2 percent in 2021.[40] In addition, the Architectural Billings Index, an indicator of construction demand, was 22.9 percent higher in December 2021 relative to the same month a year earlier.[41] The largest increases in imports of steel mill products were from Canada (up $4.3 billion or 108.8 percent), Mexico (up $2.9 billion or 129.0 percent), and South Korea (up $1.4 billion or 92.2 percent).

Imports of natural and synthetic gemstones rose by $8.6 billion (63.4 percent) to $22.2 billion in 2021.[42] In particular, imports of nonindustrial (gem-quality) diamonds that are worked (cut and polished) but not mounted or set (loose)[43] rose by $7.6 billion (64.0 percent) to $19.4 billion, reflecting both higher diamond prices and higher import volumes across all diamond sizes entering the U.S. market as diamond jewelry sales increased by an estimated 38 percent compared with those of 2020.[44] The U.S. diamond industry reported record precious-jewelry sales both during the first 10 months of the year and even more so during the year-end holiday shopping season.[45] This was driven by accumulated personal discretionary incomes (after the prior year’s pandemic-related lockdowns, store closures, and avoidance of travel, entertainment, and other group activities), earlier shopping prompted by concerns about supply-chain and retail labor disruptions, expanded e-commerce sales, and promotional discounting.[46] U.S. exports of natural and synthetic gemstones from the United States included a high level of re-exports ($15.7 billion), indicating that a significant share of U.S. imports of gemstones were likely re-exported following sorting, grading, or other processes that did not result in a substantial transformation of the imported products.[47] Despite lacking significant domestic mining resources, the United States is a major global trading center of gemstones. The largest increases in imports of natural and synthetic gemstones were from India (up $5.3 billion or 79.3 percent), Israel (up $1.8 billion or 52.2 percent), and South Africa (up $537 million or 110.9 percent).

The value of imports of copper and related articles increased by $7.0 billion in 2021 (80.0 percent) to $15.7 billion.[48] Within this category, refined copper cathodes and sections of cathodes[49] accounted for the largest rise in imports, increasing by $4.3 billion (106.8 percent) to $8.4 billion as both copper prices and import volumes increased.[50] Copper cathode prices increased by 51.1 percent to $4.23 per pound in 2021 from $2.80 per pound in 2020, and the import volume of refined copper cathodes and sections of cathodes rose by 235,000 metric tons (35.0 percent) to 908,000 metric tons, the highest import volume in the five-year period.[51] These price and import volume increases were due to rising demand driven by continuing economic recovery from the COVID-19 pandemic-related slowdown in 2020 and expectations of long-term economic growth and increased usage of copper in green technologies.[52] Building construction accounts for the greatest demand for copper in the United States, and in 2021 the value of U.S. construction spending increasing by 8.2 percent.[53] The largest increases in imports of copper and related articles were from Chile (up $3.1 billion or 125.0 percent), Canada (up $1.4 billion or 58.2 percent), and Mexico (up $462 million or 46.0 percent).

The value of unwrought aluminum imports increased by $5.1 billion (66.4 percent) to $12.7 billion in 2021.[54] Within the category of unwrought aluminum, two product groups made up the vast majority of the increase in U.S. imports. Specifically, unwrought aluminum metal[55] imports increased by $4.5 billion (65.7 percent) to $11.3 billion, while imports of aluminum waste and scrap[56] increased by $551 million (83.9 percent) to $1.2 billion.[57] Imported unwrought aluminum is used by U.S. wrought producers to make downstream products such as castings, sheet, and plate, principally for the transportation, packaging, and building industries.[58] The increased import values for unwrought aluminum were largely the result of increases in global aluminum prices, resulting from greater demand for aluminum in various downstream sectors, particularly construction and automotive.[59] Much of the increased demand was a recovery from low demand in 2020, when restrictions due to the COVID-19 pandemic interrupted the operations of aluminum consuming industries.[60] Meanwhile, continued shipping disruptions and decreased aluminum production in Asia, and specifically in China, led to a decrease in global aluminum supply, which also contributed to the upward pressure on prices.[61] Surging global energy prices similarly drove up the cost of production for primary aluminum, which is highly energy-intensive.[62] U.S. aluminum imports were also driven by rising domestic demand for aluminum cans due to the growing popularity of seltzers and craft beers (which are packaged in aluminum cans), a general move towards more sustainable packaging, and, beginning in 2020 and continuing into 2021, an increase in demand for brewery products that could be consumed at home after the COVID-19 pandemic limited consumption at bars and restaurants.[63] For more information on aluminum, see the special topic chapter, “The 2021 Commodity Price Surge: Causes and Impacts on Trade Flows.” The largest increases in imports of unwrought aluminum were from Canada (up $3.3 billion or 67.5 percent), the United Arab Emirates (up $472 million or 60.4 percent), and Bahrain (up $272 million or 155.1 percent).

 

[1] The Minerals and Metals sector consists of 45 product digests. Each USITC sector digest encompasses various 8-digit subheadings in the Harmonized Tariff Schedule of the United States (HTS). For a complete list of HTS subheadings classified in a particular sector or digest, see this data table. Except where otherwise noted, the export data used in this section are for domestic exports. For more information on trade terminology, please refer to USITC, “Special Topic: Trade Metrics,” Shifts in U.S. Merchandise Trade, 2014, June 2015; USITC DataWeb/Census, digests MM001-045, accessed February 15, 2022.

[2] “Precious metals” include gold, silver, and platinum-group metals in unrefined or refined unwrought, semi-manufactured, or waste and scrap forms. “Non-numismatic coins” are valued for the precious-metal content rather than as historical or collectors’ items.

[3] Gold bullion is refined gold bar that contains only a small percentage of impurities. Gold doré is unrefined gold bar that contain gold and other metals, but generally has gold content of 60 percent to 90 percent. Gold doré is refined to separate out the individual metals.

[4] USITC DataWeb/Census, digests MM001-045, accessed February 15, 2022.

[5] USITC DataWeb/Census, digest MM020, accessed February 15, 2022.

[6] U.S. Census, Schedule B, 7108.12.1010, Exports of ”Nonmonetary gold bullion” and 7108.12.1020, Exports of “Nonmonetary doré,” accessed March 5, 2022.

[7] USITC DataWeb/Census, HTS subheading 7108.12.10, accessed February 14, 2022.

[8] U.S. Census, Schedule B, 7112, Exports of “Precious-metal ash, waste and scrap,” accessed March 5, 2022.

[9] U.S. Census, Schedule B, 7110, Exports of “Platinum-group metals (PGMs) in unwrought and semi-manufactured forms,” accessed March 5, 2022. PGMs include iridium, osmium, palladium, platinum, rhodium, and ruthenium.

[10] USITC DataWeb/Census, HTS headings 7110 and 7112, accessed February 14, 2022.

[11] USITC DataWeb/Census, HTS subheading 7108.12.10, accessed February 14, 2022. The average annual London Bullion Market Association (LBMA) afternoon price “fix” for gold was relatively flat during 2021 compared to the prior year, rising by only $29.99 (1.7 percent) to $1,799.58 per troy ounce. LBMA, “LBMA Precious Metal Prices,” accessed February 11, 2022. Annual gold prices were calculated using PM average monthly pricing data.

[12] USITC DataWeb/Census, HTS subheading 7108.12.10, accessed February 14, 2022. WGC, “Gold Demand Trends Full Year and Q4 2020,” January 28, 2021; WGC, “Gold Demand Down as ETF Outflows Outweigh Strength in Other Sectors,” October 28, 2021; Barrick Gold Corp., Annual Report 2020, accessed January 21, 2022, 22. As an example of these gold investment flows, in 2021, nearly $11 billion of net outflows were recorded from physically backed gold exchange-traded funds (ETFs) in North America, compared with inflows of nearly $32 billion in 2020. These data show that there were significant outflows from ETFs. However, it is not known what percentage of those outflows were exported and what percentage were sold domestically. WGC, Gold ETFs Had Net Outflows of US$9bn in 2021 Led by North American Funds, January 7, 2022; WGC, Record Gold-Backed ETF Inflows of 877t in 2020 Took Holdings to All-Time Highs, January 13, 2021.

[13] USITC DataWeb/Census, HTS headings 7110 and 7112, accessed February 14, 2022. In 2021, prices increased compared with those of 2020 for platinum (up by $209.10 per troy ounce or 23.6 percent to $1,096.87 per troy ounce), palladium (up by $199.56 or 9.0 percent to $2,410.48 per troy ounce), rhodium (up by $8,891.13 or 79.2 percent to $20,118.77 per troy ounce), iridium (up by $3,445.13 or 211.8 percent to $5,071.79 per troy ounce), and ruthenium (up by $298.74 or 112.8 percent to $563.64 per troy ounce). Johnson Matthey, “Johnson Matthey Base Prices,” accessed February 11, 2022. Annual PGM prices were calculated using New York average monthly pricing data.

[14] Precious metals ash, waste, and scrap includes PGM waste and scrap. Johnson Matthey, PGM Market Report, May 2021, 38–51.

[15] Hope, “PGM Market Outlook,” July 7, 2021; J.D. Power, “Lack of Supply Still Restricting New-Vehicle Sales in December,” December 23, 2021; Johnson Matthey, PGM Market Report, May 2021, 38–51.

[16] USITC DataWeb/Census, digest MM025, accessed February 15, 2022.

[17] Miller, “How a U.S. Steel Shortage,” October 7, 2021.

[18] WSA, “Worldsteel Short Range Outlook April 2022,” April 14, 2022, 1, 3. WSA, “Worldsteel Short Range Outlook October 2021,” October 14, 2021, 5.

[19] OICA, World Motor Vehicle Production, accessed March 9, 2022; OICA, World Motor Vehicle Production, accessed January 19, 2022.

[20] WSA, “Worldsteel Short Range Outlook October 2021,” October 14, 2021, 5.

[21] WSA, “December 2021 Crude Steel Production,” January 25, 2022, 2.

[22] USITC DataWeb/Census, digest MM036, accessed February 15, 2022.

[23] U.S. Census, Schedule B, 7404, Exports of ”Copper waste and scrap,” accessed March 5, 2022.

[24] USITC DataWeb/Census, HTS heading 7404, accessed February 14, 2022.

[25] The average annual copper cathode price increased by 51.1 percent to $4.23 per pound in 2021 from $2.80 per pound in 2020. Freeport-McMoRan Inc., Form 10-K 2021, February 15, 2022, 3, 73; Freeport-McMoRan Inc., Form 10-K 2020, February 16, 2021, 3, 70.

[26] Copper is an efficient conductor of electricity and is used in the production and transmission of energy from renewable sources such as wind, hydro, and solar generation. In addition, electric vehicles contain significantly more copper than vehicles with combustion engines. Freeport-McMoRan Inc., Form 10-K 2021, February 15, 2022, 3–4. Hume and Sanderson, “Copper Boom,” June 8, 2021. Copper Alliance, Renewable Energy, August 27, 2018.

[27] U.S. copper waste and scrap exports to China increased by $960 million (191.3 percent) to $1.5 billion in 2021 compared with exports in 2020. Exports to China accounted for 32.5 percent of total U.S. exports of copper waste and scrap in 2021. USITC DataWeb/Census, HTS heading 7404, accessed February 9, 2022. Zhang, “China’s Cu Scrap Imports Surge in April,” May 21, 2021.

[28] Home, “China Shifts Policy Tack to Plug Its Copper Scrap Gap,” May 18, 2020. USITC DataWeb/Census, HTS heading 7404, accessed February 9, 2022.

[29] Zhang, “China’s Cu Scrap Imports Surge in April,” May 21, 2021.

[30] USITC DataWeb/Census, digest MM023, accessed February 15, 2022.

[31] Miller, “How a U.S. Steel Shortage,” October 7, 2021.

[32] U.S. Census, Schedule B, 7204.49.0070, Exports of ”Shredded steel scrap,” accessed March 5, 2022.

[33] USITC DataWeb/Census, HTS statistical reporting number 7204.49.0070, accessed February 14, 2022

[34] USITC DataWeb/Census, HTS headings 2619 and 7204, accessed February 14, 2022.

[35] WSA, “December 2021 Crude Steel Production,” January 25, 2022; Gould, “Mexico Steel Overcomes Covid Slump, Foresees Growth,” December 28, 2021.

[36] USITC DataWeb/Census, digest MM025, accessed February 15, 2022.

[37] Miller, “How a U.S. Steel Shortage,” October 7, 2021.

[38] Baker Hughes, Worldwide Rig Count, accessed January 10, 2022. “A rotary rig rotates the drill pipe from surface to drill a new well (or sidetracking an existing one) to explore for, develop and produce oil or natural gas.” Baker Hughes, “FAQs,” accessed April 4, 2022. “The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons.” Baker Hughes, “Rig Count Overview & Summary Count,” accessed April 4, 2022.

[39] OICA, World Motor Vehicle Production, accessed March 9, 2022.

[40] Census, “Monthly Construction Spending, December 2021,” February 1, 2022.

[41] AIA, “ABI December 2021,” accessed February 11, 2022.

[42] USITC DataWeb/Census, digest MM019, accessed February 15, 2022.

[43] Nonindustrial (gem-quality) diamonds that are worked (cut and polished) but not mounted or set (loose) are categorized under HTS subheading 7102.39.00.

[44] Generally, details are not readily available about diamond prices that are consistent across the various size and quality criteria. Nevertheless, the Antwerp World Diamond Center (AWDC) and Bain & Company estimates that in 2021, global prices for rough diamonds grew by 21 percent and prices for polished diamonds grew by 9 percent year over year. Linde et al., The Global Diamond Industry 2021–22, accessed February 9, 2022, 5. USITC DataWeb/Census, HTS subheading 7102.39.00, accessed February 14, 2022. The United States imported 11.3 million carats in 2021 compared to 7.1 million carats in 2020. Smaller diamonds weighing 0.5 carats or less, with lower unit values, were a slightly higher share (62.2 percent) of all diamonds imported in 2021 compared to the prior year (58.8 percent). Further details are not readily available about the size distributions and quality differences among U.S. diamond imports between these two periods. USITC DataWeb/Census, HTS statistical reporting numbers 7102.39.0010 and 7102.39.0050, accessed February 14, 2022.

[45] U.S. precious-jewelry sales during January–October 2021 were 9 percent greater that of the prior year period. U.S. precious-jewelry sales during November–December 2021 were 32 percent above that of the prior 2020 year-end season and 26 percent above that of the pre-pandemic 2019 year-end season. Golan, “US Holiday Jewelry Sales Predicted to Rise 40%,” November 29, 2021; Graff, “2021 Will Be the ‘Year of Jewelry,’ Analyst Says,” December 2, 2011. Fedow, “Jewelry Sales Climb 32% Over the Holidays,” December 30, 2021.

[46] Golan, “US Holiday Jewelry Sales Predicted to Rise 40%,” November 29, 2021; Graff, “2021 Will Be the ‘Year of Jewelry,’ Analyst Says,” December 2, 2011. Fedow, “Jewelry Sales Climb 32% Over the Holidays,” December 30, 2021. Online jewelry sales in 2021 increased by 11 percent over the prior year’s level and increased by 61 percent over the 2019 level. Moreover, 21 percent of retail jewelry sales were online in 2021 compared to 15 percent in 2019. Fedow, “Jewelry Sales Climb 32% Over the Holidays,” December 30, 2021. Dybis, “Jewelers Kick Off Black Friday Weekend Sales with High Hopes,” November 23, 2021; Dybis, “Reports: Jewelers Are Enjoying a Sparkling Holiday Sales Season,” December 16, 2021.

[47] Re-exports are calculated from the difference between total exports ($16.7 billion) and domestic exports ($1.0 billion). USITC DataWeb/Census, HTS headings 7101, 7103, and 7104, accessed February 14, 2022.

[48] USITC DataWeb/Census, digest MM036, accessed February 15, 2022.

[49] Refined copper cathodes and sections of cathodes are categorized under HTS subheading 7403.11.00.

[50] USITC DataWeb/Census, HTS subheading 7403.11.00, accessed February 14, 2022.

[51] Freeport-McMoRan Inc., Form 10-K 2020, February 16, 2021, 3; Freeport-McMoRan Inc., Form 10-K 2021, February 15, 2022, 3.

[52] Copper is an efficient conductor of electricity and is used in the production and transmission of energy from renewable sources such as wind, hydro, and solar generation. In addition, electric vehicles contain significantly more copper than vehicles with combustion engines. Freeport-McMoRan Inc., Form 10-K 2021, February 15, 2022, 3. Hume and Sanderson, “Copper Boom,” June 8, 2021; Copper Alliance, Renewable Energy, August 27, 2018.

[53] Census, “Monthly Construction Spending, December 2021,” February 1, 2022, 1; Copper Development Association Inc., Annual Data 2021, accessed March 11, 2022, 18.

[54] USITC DataWeb/Census, digest MM037, accessed February 15, 2022.

[55] Unwrought aluminum metal is categorized under HTS heading 7601.

[56] Aluminum waste and scrap is categorized under HTS heading 7602.

[57] USITC DataWeb/Census, HTS headings 7601 and 7602, accessed February 14, 2022.

[58] USGS, Mineral Commodity Summaries: Aluminum, January 2022.

[59] According to World Bank Commodity Price Data, the price of aluminum increased by 45.1 percent from approximately $1,704 per metric ton (mt) in 2020, to $2,473 per mt in 2021. Pyzyk, “High Aluminum Prices,” October 27, 2021; World Bank Group, ”Commodity Markets (The Pink Sheet),” accessed March 18, 2022.

[60] Pyzyk, “High Aluminum Prices,” October 27, 2021.

[61] Pyzyk, “High Aluminum Prices,” October 27, 2021.

[62] Shalal, “World Bank Sees ‘Significant’ Inflation Risk,” October 21, 2021; Skidmore, “Aluminium Price Hits 13-Year High,” October 12, 2021.

[63] Pyzyk, “High Aluminum Prices,” October 27, 2021; Kirwan, “Aluminum Cans Are Still Hard to Come By,” November 16, 2021.

 

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